Hello

We would like to keep you updated regarding Prime Minister Justin Trudeau’s $82 billion economic response plan. 


Here are a number of ways this package may affect you, your family and friends. 


TAX RETURNS

  • Individual income tax return filing due date to June 1, 2020
  • Trust income tax return filing due date to May 1, 2020 (for trusts with a tax year ending on December 31, 2020)
  • Income tax payments deferred until September 1, 2020 with no interest or penalties during this period

RRIF WITHDRAWALS

  • Minimum withdrawal amount will be reduced by 25% for 2020
  • Please contact our office if you wish to discuss this option

MORTGAGE PAYMENTS

  • Payment deferral, loan re-amortization, capitalization of outstanding interest and other special arrangements for homeowner assistance
  • Provided by Canada Mortgage and Housing Corporation (CMHC) and other mortgage insurers and accessed through your current lender

CANADA CHILD BENEFIT

  • Eligible recipients will receive up to $300 more per child with their regular May CCB payment

STUDENT LOANS

  • Effective March 30, 2020, all student loan borrowers will automatically have their repayments suspended until September 30, 2020
  • No payment will be required, no interest will accrue during this time

GOODS AND SERVICES TAX CREDIT

  • Maximum annual GST credit will be doubled for the 2019-20 benefit year
  • One-time special payment to be made by early May 2020 for eligible recipients

EMERGENCY CARE BENEFIT

  • For workers without paid sick leave who are sick, quarantined or forced to stay home to care for children or elderly relatives
  • Up to $900 in bi-weekly payments for up to 15 weeks. 
  • Mandatory Employment Insurance (EI) one-week waiting period waived
  • Medical certificate requirement waived to access EI sickness benefits

EMERGENCY SUPPORT BENEFIT

  • CRA will provide support to workers who are not eligible for EI and who are facing unemployment
  • This benefit can be accessed through CRA


CANADA EMERGENCY RESPONSE BENEFIT - proposed legislation

This taxable benefit would provide $2,000 a month for up to four months for workers who lose their income as a result of the COVID-19 pandemic. The CERB would be a simpler and more accessible combination of the previously announced Emergency Care Benefit and Emergency Support Benefit. The portal for accessing the CERB would be available in early April.


A WORD ABOUT CYBERSECURITY

Unfortunately, COVID-19 is a golden opportunity for cyber criminals trying to access your personal information. Be vigilant on-line, via e-mail or when you receive calls! 

We are here to help you. Please contact our office if you have any questions or concerns.
Sincerely,

Aldershot Financial Group of ACPI
John
Mark Orr
This material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please contact the appropriate professional. Aldershot Financial Group is a trade name of Aligned Capital Partners Inc. (ACPI). ACPI is a Member of the Canadian Investor Protection Fund ( www.CIPF.ca ) and the Investment Industry Regulatory Organization of Canada ( www.IIROC.ca ). Mark Orr is registered to provide investment advice and transact in securities/mutual funds in the provinces of Ontario, Manitoba, and B.C. The opinions expressed are those of the author and not necessarily those of Aligned Capital Partners Inc. Investment products are provided by Aligned Capital Partners Inc. (“ACPI”). Any advice which may be given in respect of non-securities services (including insurance) is given by your advisor solely, and no such advice is given in their capacity as an agent of ACPI. Accordingly, ACPI is not liable and/or responsible for any non-investment related business conducted by Mark Orr. The Canadian Investor Protection Fund (CIPF) does not cover any non-securities related business conducted by Mark Orr.
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John Booth, Senior Financial Advisor, CPA, CA, CFDS, CFP
Mark Orr, Senior Financial Advisor, CPA, CA, CFP, CIM
Nicholas Cup, Associate Financial Advisor, CFP, CIM